Napier Port Holdings Limited/Announcement

2022 Half Year Results

Half Year Results23 May 2022NPHIndustrials

View on NZX PDF 1 PDF 2 PDF 3 PDF 4 PDF 5 PDF 6 PDF 7

NZX AND MEDIA RELEASE
24 MAY 2022
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR TO 31 MARCH 2022
Napier Port reports challenging first half
HIGHLIGHTS
• Revenue fell 3.6% to $50.7 million from $52.6 million in the same period last year, with the fall
reflecting lower trade volumes and the reduction in vessel calls following supply chain and
Covid disruptions
• Result from operating activities
1
decreased 22.8% to $16.4 million from $21.3 million in the
same period last year, due to the reduction in revenue alongside an increase in operating
expenses
• Underlying net profit after tax
2
decreased 32.1% to $7.2 million from $10.6 million in the same
period last year. Reported net profit after tax decreased 15% to $9.0 million from $10.6 million
in the same period a year ago
• 6 Wharf continues to progress ahead of schedule and under budget, official opening
ceremony 22 July 2022
• Board has resolved to pay a fully imputed interim dividend of 2.8 cents per share, unchanged
from the interim dividend in the prior year
• Demand for the region’s food and fibre exports remains robust, however the impact of labour
shortages and supply chain disruption on trade remains uncertain
• Expected underlying result from operating activities for the year to 30 September 2022
remains at between $38 million and $42 million, assuming a continuation of current market
conditions
Napier Port (NZX.NPH), the premier freight gateway for the central and lower North Island of New
Zealand, today reports financial results for the first half of the 2022 financial year that reflect the
challenges of significant supply chain and Covid-related disruptions.
The trading environment and prices for key primary industry cargoes that cross our wharves has
continued to be positive. At the same time, we have made exceptional progress putting in place the
infrastructure that will underpin the prosperity of the region and Napier Port for the long term.
These successes and the favourable trading environment have, however, been overshadowed by
ongoing seasonal labour shortages and by an escalation in global shipping disruptions that have
created challenges for all parts of the supply chain – customers, ports, shippers, carriers, and agents.
As a direct result we saw a 16.6% reduction in container volumes for the half-year period to 113,000
TEU
3
from 135,000 TEU in the same period a year ago, with container ship visits falling to 102 from
133. We also saw an 8.7% reduction in bulk cargo volumes to 1.7 million tonnes from 1.9 million tonnes
and a reduction in charter vessel visits to 155 from 167 in the same period a year ago.

1
Result from operating activities is an alternative non-NZ GAAP measure and represents core underlying operating
earnings. For further information please refer to Note 24 of the 2021 Annual Consolidated Financial Statements
and the Supplemental Selected Financial Information.
2
Underlying net profit after tax is an alternative non-NZ GAAP measure that comprises reported net profit after tax
adjusted for certain non-recurring and unrealised fair value revaluation items to provide consistency and
comparability of the financial information over the periods presented. For further information please refer to the
Supplemental Selected Financial Information.
3
Twenty-foot equivalent container unit

These reductions and environmental challenges have flowed through to Napier Port’s financial
performance.
FINANCIAL RESULTS
Revenue for the half year was down 3.6% to $50.7 million from $52.6 million in the same period last
year. Our result from operating activities for the half year to 31 March 2022 was down 22.8% to $16.4
million from the $21.3 million reported for the first half of the last financial year. In addition to the
reduction in revenues, the fall reflects an increase in operating expenses as we feel the impact of higher
input costs across all spend categories.
Underlying net profit after tax was $7.2 million, down 32.1% on the $10.6 million in the same period last
year. Reported net profit after tax was down 15% to $9.0 million from $10.6 million in the same period
a year ago.
Napier Port Chief Executive Todd Dawson said: “Shipping schedule reliability has continued to be
unpredictable, resulting in missed or delayed vessel arrivals at Napier Port as well as at other ports
throughout New Zealand and internationally.
“Ships arriving have required larger container exchanges for both us and cargo owners to manage.
These factors have been compounded by pandemic-related absences across cargo owners’ workforces
and adverse local seasonal weather conditions. This created challenges for primary sector production
and further disrupted the flow of cargo.
“While we do not expect any immediate easing in the global supply chain challenges, we are confident
that – as Covid-19 becomes endemic and the shipping industry gradually adapts to the current trading
environment – these pressures will lessen. Our focus therefore is working to keep the supply chain
open and cargo flowing to minimise these disruptions.
“In line with our strategic goals to maintain strong links with our customers and build collaborative
partnerships, we have worked hard to communicate with all in the supply chain and make changes to
accommodate their needs to ensure cargo and shipping services are maintained and delivered as
seamlessly as possible.
“The challenging trading conditions have meanwhile continued to place significant demands on our
people. We are grateful and impressed by the way they have worked to maintain and enhance the links
that Napier Port maintains between the wider regional economy and international markets.
“A key success has been the vigilance they have displayed with regards to Covid prevention and
containment, slowing its spread across our workforce. Covid-related absence, at any one time, did not
exceed 11% between January and March 2022, which meant no operations were stopped as a result
of Omicron.”
LOOKING TO THE FUTURE
Mr Dawson said Napier Port has continued to look through the current disruption and focus on ensuring
our region maintains direct, efficient and competitive links to world markets.
“The most notable achievement has been the significant progress we have made bringing the
intergenerational investment in 6 Wharf to near completion. The project, now in the commissioning
phase, continues to deliver ahead of schedule and at a lower cost than initial estimates. It is set to
officially open in July 2022.
“The new wharf opens up growth opportunities and shipping options for cargo owners across the central
and lower North Island. It will allow us to accommodate the larger vessels arriving in New Zealand and
provide greater flexibility and availability across all our wharves.
“We expect the additional capacity 6 Wharf will deliver to begin to be evident in the new financial year.
We also believe this new capability will enhance the attractiveness of Napier Port to shipping lines and

that it will help to encourage others to follow ZIM Integrated Shipping Services, which has launched a
new trans-Tasman service that calls at Napier Port.
“In addition, we have continued to build our landside logistics and services. This is a ‘site to sea’ supply
chain solution that provides central and lower North Island customers with a range of freight and cargo-
handling options via Napier Port. Use of the service is steadily climbing with road and rail running seven
days a week between Manawatū Inland Port and Napier Port.
“Our log-debarking facility is now operational and we are working on processing increased volumes
through the plant. A key benefit of the facility is that it has enabled us to cease methyl bromide
fumigation of logs at Napier Port, a significant environmental win for our region.
“Finally, we welcome the return of cruise ship visits to Napier in the coming cruise season. It remains
too early to say how the current pipeline of bookings will translate into cruise ship visits. We are
confident however, that Napier Port and Hawke’s Bay remain an attractive destination for the cruise
industry and demand is robust, especially with 6 Wharf going live before the season and able to
accommodate the largest cruise vessels that call New Zealand.
BALANCE SHEET AND DIVIDEND
Napier Port remains well funded. We spent $43.7 million on capital projects in the half year, including
$36.9 million on the 6 Wharf project, and ended the half year with drawn bank debt of $120 million. In
addition, we have undrawn bank facilities of $60 million.

The Board has resolved to pay a fully imputed interim dividend of 2.8 cents per share, unchanged from
the interim dividend paid last year.

The record date for dividend entitlement will be 10 June and the payment date will be 23 June.

OUTLOOK
Mr Dawson said: “The trade outlook for our region remains positive, with primary sector commodity
prices remaining high and a stronger second half anticipated for meat, forestry and horticulture exports.
“Even though there are signs the pandemic is abating, Napier Port still faces uncertainty in the supply
chain, including shipping disruption, labour shortages and high-cost inflation.
“Noting these continuing uncertainties and assuming a continuation of the current market conditions,
Napier Port reaffirms the earnings guidance provided in April for the underlying result from operating
activities for the year to 30 September 2022 to range between $38 million and $42 million.
“As highlighted previously, once 6 Wharf completes during the second half of the financial year, the
majority of our finance costs will be recorded in our income statement. This, together with the additional
depreciation for the new assets, will be deducted in determining net profit for the year.”
Napier Port will provide a further update to the NZX market regarding our June quarter trading results
during August.
Further detail on Napier Port’s financial performance for the half year to 31 March 2022 is included in
the half year report and investor presentation released to the NZX today and available on the company’s
investor website at: https://www.napierport.co.nz/investor-centre/
ENDS

For more information:

Investors Media
Kristen Lie Jo-Ann Young
Chief Financial Officer Communications Manager
DDI +64 6 833 4405 DDI: +64 6 833 4521
E: kristenl@napierport.co.nz E: jo-anny@napierport.co.nz

About Napier Port
Napier Port is New Zealand’s fourth largest port by container volume. We are the gateway for Hawke’s
Bay and lower North Island’s exports and operate a long-term regional infrastructure asset that supports
the regional economy. Our strategic purpose is to collaborate with the people and organisations that have
a stake in helping our region grow. View Napier Port’s investor centre: www.napierport.co.nz/investor-
centre/

Conference Call
Napier Port will hold a conference at 11.00am (NZT) (9.00am, AEST) today. To attend the conference call
participants must pre-register at the following link:
https://s1.c-conf.com/diamondpass/10021078-Q79Sqa.html
Registrations can be taken right up to the commencement of the call.

---

HALF YEAR
REPORT
FOR THE SIX MONTHS
ENDED 31 MARCH 2022

CONTENTS
OUR PORT, HUBS AND INFRASTRUCTURE 2
TRADE AND FINANCIAL RESULTS 3
CHAIR AND CHIEF EXECUTIVE’S REPORT 4
HIGHLIGHTS 6
FINANCIAL STATEMENTS 12
CONSOLIDATED INCOME STATEMENT 12
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME 13
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY 14
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION 15
CONSOLIDATED STATEMENT
OF CASH FLOWS 16
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 18
INDEPENDENT AUDITOR’S REVIEW REPORT 22
DIRECTORY 24
HALF YEAR REPORT 2022 / 1

OUR PORT,
HUBS AND
INFRASTRUCTURE
Napier Port is New Zealand’s fourth largest port by container volume. Located
in Hawke’s Bay on the East Coast, we are the gateway for the central and lower
North Island’s exports and operate a long-term regional infrastructure asset that
supports the regional economy. Our strategic purpose is to collaborate with the
people and organisations that have a stake in helping our region grow.
We are situated on the main transit route for international shipping services,
and are connected to core national road and rail networks, and we are open
for business 24 hours a day, 364 days a year.
12.3 HECTARES OF
LAND IN WHAKATŪ
FOR FUTURE
DEVELOPMENT
TWO CONTAINER DEPOTS
AT THAMES STREET
OFFERING FULL SERVICES
TO INTERNATIONAL
SHIPPING LINES
OVER 320
EMPLOYEES
INLAND FREIGHT HUB
IN MANAWATŪ WITH A
1.9 HECTARE CONTAINER
YARD AND A WAREHOUSING
FACILITY WITH ROAD AND
RAIL CONNECTIONS
TO NAPIER PORT
AROUND 5.9 MILLION
TONNES OF CARGO
HANDLED ANNUALLY
THREE TUGS
FLEET OF 38
HEAVY CONTAINER
HANDLING
MACHINES
1123 CONNECTION POINTS
FOR REFRIGERATED CARGO
36,600 SQUARE
METRES
OF WAREHOUSING
16 HECTARES
OF CONTAINER
TERMINAL SPACE
ONE MOBILE
LOG DEBARKER
10 HECTARES
OF DEDICATED
LOG STORAGE,
WORKING 24/7
50 HECTARES
OF ON-SITE
PORT LAND
FIVE EXISTING
WHARVES
PROVIDING
SIX COMMERCIAL
BERTHS AND
A NEW 350M
WHARF OPENING
MID-2022
SIX MOBILE
HARBOUR
CRANES
2 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

HALF YEAR REPORT 2022 / 3
TRADE AND
FINANCIAL RESULTS
$
16
.4
MILLION
RESULTS FROM
OPERATIONS
–
22
.8%
$
50
.7

MILLION
REVENUE
–
3
.6%
$
9.0
MILLION
NET PROFIT
–
15
%
1
.7

MILLION
TONNES OF BULK
CARGO HANDLED
–
8
.7%
$
19
.2

MILLION
BULK CARGO
REVENUE
–
5
.1%
258
VESSEL CALLS
–
14
.0%
$
7
.2

MILLION
UNDERLYING
NET PROFIT AFTER TAX
–
32
.1%
$
5
.6
MILLION
INTERIM DIVIDEND
–
2
.8
CENTS
PER SHARE
113
THOUSAND
TEU CONTAINERS
HANDLED
–
16
.6%

CHAIR & CHIEF
EXECUTIVE’S REPORT
TĒNĀ KOUTOU
Napier Port’s results for the first half of the 2022 financial
year reflect the challenges of significant supply chain
and Covid-related disruptions.
The trade environment of key cargoes and prices remains
positive for the primary industry trades that cross our
wharves. At the same time, we have made exceptional
progress putting in place the infrastructure that will
underpin the prosperity of the region and Napier Port
for the long term.
These successes and favourable trading conditions have,
however, been overshadowed by ongoing seasonal labour
shortages and by an escalation in global shipping disruptions
that have created challenges for all parts of the supply chain
– customers, ports, shippers, carriers and agents.
Shipping schedules have continued to be unpredictable,
resulting in missed or delayed vessel arrivals at Napier
Port as well as at other ports throughout New Zealand
and internationally. Meanwhile, ships arriving have
required larger container exchanges for both us and
cargo owners to manage. These factors have been
compounded by pandemic-related absences across cargo
owners’ workforces and adverse local seasonal weather
conditions. This created challenges for primary sector
production and further disrupted the flow of cargo.
As a direct result we saw a 16.6% reduction in container
volumes for the half-year period to 113,000 twenty-foot
equivalent container units (TEU) from 135,000 TEU in the
same period a year ago, with container ship visits falling
to 102 from 133. We also saw an 8.7% reduction in bulk
cargo volumes to 1.7 million tonnes from 1.9 million tonnes
and a reduction in charter vessel visits to 155 from
167 in the same period a year ago.
Consequently, these reductions and environmental
challenges have flowed through to our financial
performance.
FINANCIAL RESULTS
Revenue for the half year was down 3.6% to $50.7 million
from $52.6 million in the same period last year, with
the fall reflecting lower trade volumes and the reduction
in vessel calls.
Our result from operating activities for the half year to
31 March 2022 was down 22.8% to $16.4 million from
the $21.3 million reported for the first half of the last
financial year. In addition to the reduction in revenues, the
fall reflects an increase in operating expenses as we feel
the impacts of higher input costs across all categories.
Underlying net profit after tax (after adjusting for certain
non-recurring and unrealised fair value revaluation items)
was $7.2 million down 32.1% on the $10.6 million in the
same period last year. Reported net profit after tax was
down 15% to $9 million from $10.6 million in the same
period a year ago.
While we do not expect any immediate easing in the
global supply chain challenges, we are confident that –
as Covid-19 becomes endemic and the shipping industry
gradually adapts to the current trading environment –
these pressures will lessen. Our focus therefore is working
to keep the supply chain open and cargo flowing
to minimise these disruptions.
In line with our strategic goals to maintain strong links
with our customers and build collaborative partnerships,
we have worked hard to communicate with all in the
supply chain and make changes to accommodate
their needs to ensure cargo and shipping services are
maintained and delivered as seamlessly as possible.
OUR PEOPLE
The challenging operating conditions have continued to
place significant demands on our people. We are grateful
and impressed by the way they have worked to maintain
and enhance the links between Napier Port and the wider
regional economy and international markets.
A key success has been the vigilance they have displayed
with regards to Covid prevention and containment,
slowing its spread across our workforce. Covid-related
absence did not exceed 11% at any one time between
January and March, which meant no operations were
stopped during the wave of Omicron. This is a testament
to our team’s determination and can-do attitude that
is at the heart of Napier Port’s culture.
On behalf of shareholders and our region, we thank
Napier Port’s people for their efforts.
LOOKING TO THE FUTURE
We continue to look through the current disruption and
focus on ensuring our region maintains direct, efficient
and competitive links to world markets.
The most notable achievement has been the significant
progress we have made bringing the intergenerational
investment in 6 Wharf to near completion. The project,
now in the commissioning phase, continues to deliver
ahead of schedule and at a lower cost than initial estimates.
It is set to officially open in July.
4 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

The new wharf opens up growth opportunities and
shipping options for cargo owners across the central and
lower North Island. It will allow us to accommodate the
larger vessels arriving in New Zealand and provide greater
flexibility and availability across all our wharves.
We expect the additional capacity 6 Wharf will deliver
to begin to be evident in the new financial year. We also
believe this new capability will enhance the attractiveness
of Napier Port to shipping lines and that it will help to
encourage others to follow ZIM Integrated Shipping
Services, which has launched a new trans-Tasman service
that calls at Napier Port.
In addition, we have continued to build our landside
logistics and services. This is a ‘site to sea’ supply chain
solution that provides central and lower North Island
customers with a range of freight and cargo-handling
options via Napier Port. Use of the service is steadily
climbing with road and rail running seven days a week
between Manawatū Inland Port and Napier Port.
Our log-debarking facility is now operational and we are
working on processing increased volumes through the
plant. A key benefit of the facility is that it has enabled us
to cease methyl bromide fumigation of logs at Napier Port,
a significant environmental win for our region.
Sustainability has been an overriding consideration
throughout the 6 Wharf build with detailed planning
undertaken with mana whenua, fishing groups and other
marine users during a comprehensive resource consent
process. We have now completed the two-year capital
dredging programme and safely disposed of 1.3 million
cubic metres of material while remaining fully compliant
with our resource consent conditions, in particular the
water quality requirements at Pānia Reef.
We are continuing the rollout of our sustainability strategy
and action plans and progressing the social, economic
and environmental actions we prioritised last year. With
a focus on local, achievable initiatives where we can
have the most impact, we have refreshed our community
sponsorship programme to support initiatives that align
with our four sustainability pillars – people, planet,
prosperity and partnerships. Later this year we will also
report on our climate change related disclosures, following
on from the development of baseline emissions and
reduction pathways prioritised last year.
Finally, we welcome the return of cruise ship visits to Napier
in the coming cruise season. It remains too early to say how
the current pipeline of bookings will translate into cruise
ship visits. We are confident however, that Napier Port and
Hawke’s Bay remain an attractive destination for the cruise
industry and demand is robust, especially with 6 Wharf
going live before the season and able to accommodate
the largest cruise vessels that call New Zealand.
BALANCE SHEET AND DIVIDEND
Napier Port remains well funded. We spent $43.7 million
on capital projects in the half year, including $36.9 million
on the 6 Wharf project, and ended the half year with
drawn bank debt of $120 million. In addition, we have
undrawn bank facilities of $60 million.
The Board has resolved to pay a fully imputed interim
dividend of 2.8 cents per share, unchanged from the
interim dividend paid last year.
The record date for dividend entitlements will be 10 June
and the payment date will be 23 June.
OUTLOOK
The trade outlook for our region is positive, with
primary sector commodity prices remaining high and
a stronger second half anticipated for meat, forestry
and horticulture exports.
Even though there are signs the pandemic is abating,
Napier Port still faces uncertainty in the supply chain,
including shipping disruption, labour shortages and
high cost inflation.
Noting continued uncertainties and assuming a
continuation of the current market conditions, Napier Port
reaffirms the earnings guidance provided in April for the
underlying result from operating activities for the year
to 30 September 2022 to range between $38 million
and $42 million.
As highlighted previously, once 6 Wharf completes during
the second half of the financial year, the majority of our
finance costs will be recorded in our income statement.
This, together with the additional depreciation for the new
assets, will be deducted in determining net profit for the year.
The commitment of Napier Port’s people, coupled with the
resilience and productivity of our region and the progress
we continue to make on infrastructure that underpins
growth, positions Napier Port well and gives us long-term
confidence in the future. We look forward to updating
shareholders on our progress at the end of the financial year.
Ngā mihi nui,
ALASDAIR MACLEOD TODD DAWSON
Chairman Chief Executive
HALF YEAR REPORT 2022 / 5

6 WHARF
OPENING FOR BUSINESS
WINTER 2022
Under budget and ahead of schedule,
the final construction stages and
operational planning of 6 Wharf
is underway. The official opening
ceremony will take place on Friday,
22 July.
Piling, concreting, revetment casting
and dredging are now complete.
All 10 MoorMaster mooring units
have been installed and a new fit-for-
purpose electrical substation
has been built to power the units.
Dry commissioning has been
completed and the first ship trials
will soon be underway.
The landward section of pavement
required during construction has
reverted back to container operations,
where planning is underway on how
to best work the terminal facing 6
Wharf in the future. 6 Wharf has
provided us with the opportunity
to transform terminal operations to
maximise safety and efficiency for our
own port operations, with increased
productivity in exchanges and crane
rates. Cargo owners, transport
operators and shipping lines will all
benefit from greater 24-hour berth
availability across all our wharves,
increased mooring speeds and our
ability to service larger 320-350m
length x 50m beam-width vessels.
6 Wharf future-proofs Hawke’s
Bay’s regional growth and opens
up further growth opportunities and
shipping options for cargo owners
across the central and lower North
Island, helping to alleviate ongoing
shipping disruption and supply chain
congestion across New Zealand.
The new wharf will provide greater
flexibility and availability across all
our wharves and enable us to handle
the increasing numbers of shipping
vessels arriving at Napier Port.
6 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

SUBSTATION
An additional 11,000-volt substation
feeding a new 750 kVA transformer,
has been built to power the
MoorMaster units. The transformer
will also power new and existing light
towers, a data hub and a seismic
monitoring system. The substation
development also includes a data
room for the fibre network to run
the MoorMasters, and back-up
generation in case of power outage.
MOORMASTERS
MoorMasters are state-of-the-art
mooring systems that will enable
Napier Port to berth ships faster and
more safely. They have automated
vacuum pads that moor and release
vessels in seconds, at the push
of a button, with full remote-control
access available out on the wharf
using a tablet device.
HALF YEAR REPORT 2022 / 7

DEBARKER GOES LIVE
Working in partnership with logging customers, we have invested in a log
debarking operation located on Napier Port. The mobile log debarker increases
log turnover capability and improves log yard utilisation, and throughput
is increasing as the operation is embedded into general cargo operations.
Debarking removes the excess bark from logs, which otherwise would have
to undergo phytosanitary treatment, as a requirement of some log export markets.
This has enabled us to cease the use of methyl bromide fumigation of logs on port.
Napier Port’s long-running partnership with local firm BioRich repurposes
bark from the log yard into mulch. Prior to debarking, last year, 5,998 tonnes
of waste bark from the log yard was repurposed into organic mulch, to be used
on orchards, gardens, and planting projects around the region.
As log volumes increase, we are also focusing on log yard layout and traffic
management. As part of preparations for deploying the debarker, a number
of roading and layout changes have been phased in, providing additional
safety and efficiency to log yard operations.
LANDSIDE LOGISTICS
SERVICE GROWING
Launched in 2021, this ‘site to sea’
supply chain solution provides central
and lower North Island customers
with a greater range of freight and
cargo-handling options via Napier Port.
Utilisation of the service is steadily
climbing, with an even mix of export
and import customers.
By coordinating landside road and rail
transport options, and tailoring these
to customer demand and shipping
schedules, the service reduces much
of the inefficiency and time-consuming
activity cargo owners often experience
getting their product to market.
The logistics service:
• optimises container movements –
full loads both ways from the central
and lower North Island reducing
transportation waste
• provides more road and rail links
for importers and exporters
• alleviates congestion out-of-
region customers may be
experiencing elsewhere
• enables cargo berthed at Napier Port
to be quickly dispatched to other
regions in New Zealand, with
a shorter supply chain lead-time
and lower total cost
• coordinates a whole network solution
streamlining the ‘site to sea’ logistics
customers have to organise.
Manawatū Inland Port (MIP) is a key
part of the landside logistics service
offering warehousing, container
storage, import and export transitional
management services and landside
transport to port for shipping lines and
cargo owners. Extended partnerships
with KiwiRail and with local transport
and logistics operators have resulted
in the landside logistics services now
running seven days a week between
MIP and Napier Port.
8 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

WELCOME TO
ZIM INTEGRATED
SHIPPING SERVICES
When 6 Wharf goes live mid-2022,
shipping lines will benefit not just from
6 Wharf accommodating the larger
vessels coming to New Zealand, but
through greater availability across all
our wharves to berth their vessels.
The most recent shipping line to add
Napier Port to their port calls is
ZIM Integrated Shipping Services.
ZIM’s transtasman service ships
both dry and refrigerated cargo from
Napier, Auckland and Lyttelton to
Melbourne and Sydney in Australia,
and on to ports throughout Asia.
In January, the first load of containers
using the new ZIM shipping service
arrived, and in February the Contship
Ono berthed as the first vessel to
collect regional exports on the ZIM
service. More than a dozen exporters
used the service on its first call, with
frozen food the main product exported,
alongside canned foodstuffs, apples,
paper product, petfood, wine and
general cargo items.
Customers are pleased to have
another shipping option, especially a
direct transtasman service, providing
more flexibility and reliability to get
their product to global markets.
At the start of the year, Maersk
announced changes to its OC1
service in response to global supply
chain disruption. Napier Port’s
biweekly call was removed from
the service, however the majority
of cargo previously carried on the
OC1 transferred to the Southern
Star and J-Star services, and ZIM’s
transtasman service, and continues
to be exported through Napier Port.
WEATHERING
THE OMICRON
STORM
While Omicron has impacted the supply chain and our
customers’ workforces, on port we have been able
to slow the spread of the virus across our workforce.
Covid-related absence did not exceed 11% at any one
time, which meant no operations were stopped during the
wave of Omicron.
This resilience is partly due to the surveillance saliva PCR
testing implemented last year. This fast, highly accurate,
non-invasive, early detection technology provides
confidence we are keeping people safe and Napier Port
operational for customers and shipping lines.
The port is grateful to the thousands of port users, and
everyone in the community, who complied with the vaccine
mandate adopted for anyone coming on to Napier Port.
HALF YEAR REPORT 2022 / 9

PORT PEOPLE
AND COMMUNITY
RECOGNISING
EXCELLENCE
At the end of last year, a new initiative began at
Napier Port – the Excellence Awards, Ngā Tohu
Kairangatira. The grassroots awards ensure everyone
across the business has equal opportunity to nominate
people for an award. An initial judging panel was
convened with representatives from right across the port,
and this year’s winners become next year’s judging panel.
The awards celebrate all the incredible people at Napier
Port and include recognition for being an Inspirational
Colleague, Unsung Hero, People’s Choice, Leader of the
Year or Rising Star, and for Excellence in Health, Safety
and Wellbeing, Excellence in Customer Service and the
CEO’s Supreme Award. Congratulations to all our worthy
nominees and winners.
COMBINING
COMMUNITY
SUPPORT AND
SUSTAINABILITY
Being a good neighbour and supporting local business
and community is important to Napier Port. By sharing
time and resources with others, the port helps grow
and nurture the community it is a part of.
With the introduction of a sustainability strategy
and action plan last year, a refresh of the community
sponsorship programme was undertaken. The goal was
to structure the programme so it more closely aligned
with the future focus on sustainability.
The sponsorship programme now reflects the four pillars
of the sustainability framework – People, Planet, Prosperity
and Partnerships. As a result, we have welcomed
some new community partnerships including
Cape Sanctuary and A Children’s
Christmas to the programme,
and expanded others, such
as the Napier Port Primary
Sector Awards.
10 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

PORT PEOPLE
AND COMMUNITY

OUR FOUR
SUSTAINABILITY
PILLARS
PROSPERITY
ŌHANGA ORA
Sustainable business growth
and supporting the prosperity
of our region – Napier Port
Primary Sector Awards
PARTNERSHIPS
RANGAŪ
Authentic partnership with our
community, stakeholders and mana
whenua hapū – Ātea a Rangi
Educational Trust (Waka
Education Programmes)
PLANET
KAITIAKITANGA
Protecting/tiaki and enhancing
the environment/taiao in which
we operate – Cape Sanctuary
(Wildlife Restoration Project)
PEOPLE
MANAAKITANGA
Safety, well-being/hauora
and development of our people
and our community –
Napier Port Ocean Swim
HALF YEAR REPORT 2022 / 11

The above income statement should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED
INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2022
31 March 31 March
2022 2021
Unaudited Unaudited
Notes $000 $000
Revenue 5 50,712 52,585
Employee benefit expenses 18,868 17,455
Property and plant expenses 6,501 5,091
Other operating expenses 8,902 8,746
Operating expenses 34,271 31,292
Result from operating activities 16,441 21,293
Depreciation and amortisation expenses 6,414 6,325
Other (income)/expenses (2) 141
Fair value gain on investment property (1,800) -
Profit before finance costs and tax 11,829 14,827
Net finance costs 6 21 15
Profit before income tax 11,808 14,812
Income tax expense 7 2,824 4,238
Profit for the period attributable to the shareholders of the Company 8,984 10,574
EARNINGS PER SHARE:
Basic earnings per share 0.045 0.053
Diluted earnings per share 0.045 0.053
12 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2022
31 March 31 March
2022 2021
Unaudited Unaudited
Notes $000 $000
Profit for the period attributable to the shareholders of the Company 8,984 10,574
Other comprehensive income
Items that will be reclassified to profit or loss:
Changes in fair value of cash flow hedges 3,379 (175)
Cash flow hedges transferred to profit or loss (69) (24)
Deferred tax on changes in fair value of cash flow hedges (927) 56

Items that will not be reclassified to profit or loss:
Changes in fair value of cash flow hedges (180) (219)
Cash flow hedges transferred to property, plant and equipment - 39
Deferred tax on changes in fair value of cash flow hedges 50 50
Revaluation of sea defences 8 29,980 -
Deferred tax on revaluation of sea defences (1,855) -
Other comprehensive income for the period, net of tax 30,378 (273)
Total comprehensive income for the period attributable
to the shareholders of the Company 39,362 10,301
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
HALF YEAR REPORT 2022 / 13

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2022
Share

CapitalRevaluation ReserveHedging

ReserveShare-based

Payment ReserveRetained

EarningsTotal Equity
$000 $000 $000 $000 $000 $000
Balance at 1 October 2021 245,850 70,308 714 525 37,450 354,847
Profit for the period - - - - 8,984 8,984
Other comprehensive income - 28,125 2,253 - - 30,378
Total comprehensive income for the period - 28,125 2,253 - 8,984 39,362
Dividends 18 - - - (9,394) (9,376)
Share-based payments - - - 110 - 110
Transfers from treasury stock
- employee recognition scheme 249 - - - - 249
Fair share loans - employee repayments 44 - - - - 44
Total transactions with owners
in their capacity as owners 311 - - 110 (9,394) (8,973)
Total movement in equity 311 28,125 2,253 110 (410) 30,389
Balance at 31 March 2022 (Unaudited) 246,161 98,433 2,967 635 37,040 385,236
Balance at 1 October 2020 245,750 70,308 (79) 389 29,877 346,245
Profit for the period - - - - 10,574 10,574
Other comprehensive income - - (273) - - (273)
Total comprehensive income for the period - - (273) - 10,574 10,301
Dividends 20 - - - (9,995) (9,975)
Share-based payments - - - 58 - 58
Fair share loans - employee repayments 30 - - - - 30
Total transactions with owners
in their capacity as owners 50 - - 58 (9,995) (9,887)
Total movement in equity 50 - (273) 58 579 414
Balance at 31 March 2021 (Unaudited) 245,800 70,308 (352) 447 30,456 346,659
The above statement of changes in equity should be read in conjunction with the accompanying notes.
14 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

The above statement of financial position should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS AT 31 MARCH 2022
31 March 30 Sept
2022 2021
Unaudited Audited
$000 $000
EQUITY
Share capital 246,161 245,850
Reserves 102,035 71,547
Retained earnings 37,040 37,450
385,236 354,847
NON-CURRENT LIABILITIES
Loans and borrowings 118,301 77,065
Deferred tax liability 20,815 17,924
Lease liabilities 241 320
Provision for employee entitlements 453 465
139,810 95,774
CURRENT LIABILITIES
Taxation payable - 2,155
Lease liabilities 169 201
Derivative financial instruments 48 -
Trade and other payables 17,857 27,020
18,074 29,376
543,120 479,997
NON-CURRENT ASSETS
Property, plant and equipment 507,009 448,648
Intangible assets 995 1,145
Derivative financial instruments 3,416 528
Investment properties 12,200 10,400
523,620 460,721
CURRENT ASSETS
Cash and cash equivalents 3,111 1,403
Derivative financial instruments 708 464
Taxation receivable 377 -
Trade and other receivables 15,304 17,409
19,500 19,276
543,120 479,997
On behalf of the Board of Directors, who authorised the issue of the financial statements on 23 May 2022.

Chair Director
Chairman Director
HALF YEAR REPORT 2022 / 15

NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
31 March 31 March
2022 2021
Unaudited Unaudited
$000 $000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 48,141 49,816
Net GST received 1,974 291

Cash was applied to:
Payments to suppliers and employees (31,939) (29,093)
Net finance costs paid (22) (15)
Income taxes paid (5,198) (6,436)
Net cash flows generated from operating activities 12,956 14,563

CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment - 44

Cash was applied to:
Acquisition of property, plant and equipment and intangible assets (43,673) (45,759)
Net cash flows used in investing activities (43,673) (45,715)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Net proceeds from loans and borrowings 42,000 36,000
Repayment of fair share loans by employees 62 50

Cash was applied to:
Repayment of lease liabilities (111) (105)
Dividends paid (9,394) (9,995)
Net cash flows generated from financing activities 32,557 25,950
Net increase/(decrease) in cash and cash equivalents 1,840 (5,202)

Cash and cash equivalents at beginning of the period 1,403 7,936
Effect of exchange rate changes on foreign currency balances (132) (75)
Cash and cash equivalents at end of the period 3,111 2,659
16 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

The above statement of cash flows should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2022
Reconciliation of profit for the period to cash flows from operating activities
31 March 31 March
2022 2021
Unaudited Unaudited
$000 $000
Profit for the period 8,984 10,574
Adjust for non-cash items:
Fair value gain on investment property (1,800) -
Depreciation and amortisation 6,414 6,325
Net (gain)/loss on disposal of property, plant and equipment (3) 62
Share-based payments 110 58
Other non-cash items 1 79
Deferred tax 148 26
4,870 6,550
Other adjustments:
Decrease in current tax (2,532) (2,224)
(Decrease)/increase in non-current provision (12) 39
(2,544) (2,185)
Movements in working capital:
Increase in trade and other receivables (1,375) (2,478)
Increase in trade and other payables 3,021 2,102
1,646 (376)
Net cash flows generated from operating activities 12,956 14,563
HALF YEAR REPORT 2022 / 17

NAPIER PORT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
1 REPORTING ENTITY
The interim financial statements presented are those of Napier Port Holdings Limited and its subsidiaries (together “the
Group”). Napier Port Holdings Limited is incorporated under the Companies Act 1993 and domiciled in New Zealand.
Napier Port Holdings Limited’s shares are publicly traded on the New Zealand Stock Exchange (NZX).
2 BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with the Financial Markets Conduct Act 2013.
STATEMENT OF COMPLIANCE
The interim financial statements have been prepared in accordance with New Zealand equivalents to International Accounting
Standard 34, Interim Financial Reporting (NZ IAS 34), and International Accounting Standard 34, Interim Financial Reporting.
The Group is a for-profit entity for NZ GAAP purposes. These interim financial statements do not include all the information
normally included in an annual financial report. Accordingly, these should be read in conjunction with the Group’s annual
financial statements for the year ended 30 September 2021.
BASIS OF MEASUREMENT
The interim financial statements have been prepared on a historical cost basis, except for sea defences, investment
properties and derivative financial instruments, which are measured at fair value. They are presented in New Zealand
Dollars (NZD) and all values are rounded to the nearest thousand dollars ($’000), unless otherwise stated.
3 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted are consistent with those followed in the preparation of the Group’s consolidated financial
statements for the year ended 30 September 2021.
4 UNCERTAINTIES, ESTIMATES AND JUDGEMENTS
The preparation of the financial statements in conformity with NZ IAS 34 requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these estimates.
In preparing these financial statements, the significant judgements made by management in applying the Group’s
accounting policies and the key sources of estimation and uncertainty, are consistent with those applied to the Group’s
consolidated financial statements for the year ended 30 September 2021.
18 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

5 REVENUE AND SEGMENT REPORTING
31 March 31 March
2022 2021

Unaudited Unaudited
$000 $000
Disaggregation of revenue
Container services 30,157 31,065
Bulk cargo 19,169 20,192
Cruise 12 -
Sundry income 149 148
Port operations 49,487 51,405
Property operations 1,225 1,180
Operating income 50,712 52,585
ACCOUNTING POLICIES:
Port operations
Port operations represents a series of services including marine, berthage and port infrastructure services to the
Group’s customers which are accounted for as a single performance obligation. Revenue is recognised over time
using the percentage of completion method.
Revenue is measured based on the service price specified in the relevant tariffs or specific customer contract.
The contract price for the services performed reflects the value transferred to the customer.
Property operations
Investment property lease income is recognised on a straight-line basis over the period of the lease term.
Operating segments
The Group determines its operating segments based on internal information that is regularly reported to the
Chief Executive, who is the Group’s Chief Operating Decision Maker (CODM).
The Group operates in one reportable segment being Port Services. This consists of providing and managing port
services and cargo handling infrastructure through Napier Port. Within the Port Services reportable segment the
following operating segments have been identified: marine services, general cargo services, container services, port
pack services and depot services. These have been aggregated on the basis of similarities in economic characteristics,
customers, nature of services and risks.
The Group operates in one geographic area, that being New Zealand. During the period the Group had a single
customer which comprised 16% of total revenue (2021: 18%).
6 NET FINANCE COSTS
31 March 31 March
2022 2021

Unaudited Unaudited
$000 $000
Interest income (4) (13)
Finance income (4) (13)
Interest expense on borrowings 1,828 284
Lease imputed interest 14 20
Less: Interest capitalised to property, plant & equipment (1,817) (276)
Finance expenses 25 28
Net finance costs 21 15
HALF YEAR REPORT 2022 / 19

7 INCOME TAX
31 March 31 March
2022 2021

Unaudited Unaudited
$000 $000
Reconciliation between income tax expense and tax expense calculated
at the statutory income tax rate
Profit before income tax 11,808 14,812
Income tax at 28% 3,306 4,147

Adjustment to prior year tax 1 27
Tax effect of non-deductible items 6 64
Tax effect of non-assessable items (489) -
Income tax expense 2,824 4,238
The income tax expense is represented by:
Current income tax for the period 2,249 4,528
Adjustment for current tax of prior periods 427 (266)
Current income tax expense 2,676 4,262
Deferred income tax expense for the period 574 (317)
Adjustment for deferred tax of prior periods (426) 293
Deferred income tax expense 148 (24)
Income tax expense 2,824 4,238
8 SEA DEFENCES VALUATION
Sea Defence assets were revalued to fair value as at 31 March 2022 by AECOM New Zealand Ltd and the revalued
amounts included in the statement of financial position as at 31 March 2022. The valuation has been prepared on an
optimised depreciated replacement cost basis and in accordance with the New Zealand Infrastructure Asset Valuation
and Depreciation Guidelines published by the NAMS group of IPWEA. The valuation increased the carrying amount
of Sea Defences by $29,980,000, resulting in a net book value for Sea Defences of $110,860,000 as at 31 March 2022.
Significant Estimates
The valuation of sea defences is subject to assumptions and judgements which materially affect the resulting valuation.
Such factors include replacement quantities and unit values, the condition and performance of assets, estimated remaining
and total effective lives of 70 to 161 years and 5 to 80 years, respectively, and estimated residual values of 20% of
replacement cost. Other inputs incorporated into the valuation process include an allowance for project on-costs of 5-6%.
An increase in the remaining useful life, the residual value assumption, or in replacement quantities and unit values for sea
defence assets will result in an increase in the valuation and vice versa.
9 RELATED PARTY TRANSACTIONS AND BALANCES
31 March 31 March
2022 2021

Unaudited Unaudited
Related Party $000 $000
Hawke’s Bay Regional Council Rates, levies, consents and services 2 2
Council services 160 -
Cost recoveries (56) (8)
Lease income (11) (11)
Hawke’s Bay Regional Investment Company Dividends 5,170 5,500
Cost recoveries (53) (47)
Longburn Intermodal Freight Hub Limited Plant downpayments received 100 -
20 / NAPIER PORT – TE HERENGA WAKA O AHURIRI

10 COMMITMENTS AND CONTINGENCIES
CAPITAL EXPENDITURE COMMITMENTS
At balance date there were commitments in respect of contracts for capital expenditure totalling $11,915,000
(30 September 2021: $37,930,000).
CONTINGENT LIABILITIES
There were no material contingent liabilities at balance date.
11 EVENTS SUBSEQUENT TO BALANCE DATE
Subsequent to the balance sheet date, a fully imputed dividend of $5.6 million (2.8 cents per share) was approved
by the Board of Directors.
HALF YEAR REPORT 2022 / 21

22 / NAPIER PORT – TE HERENGA WAKA O AHURIRI
A member firm of Ernst & Young Global Limited

INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS OF NAPIER PORT HOLDINGS LIMITED’S INTERIM FINANCIAL
STATEMENTS FOR THE SIX MONTHS ENDED 31 MARCH 2022
The Auditor-General is the auditor of Napier Port Holding’s Limited and its subsidiaries (the “Group”). The
Auditor-General has appointed me, Stuart Mutch, using the staff and resources of Ernst & Young, to carry out the
review of the interim financial statements of the Group on his behalf.
Conclusion
We have reviewed the interim financial statements of the Group on pages 12 to 21, which comprise the
consolidated statement of financial position as at 31 March 2022, and the consolidated income statement,
statement of comprehensive income, statement of changes in equity and statement of cash flows

for the six
months ended on that date, and the notes, including a summary of significant accounting policies and other
explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial
statements of the Group do not present fairly, in all material respects, the financial position of the Group as at 31
March 2022, and its financial performance and cash flows for the six months ended on that date, in accordance
with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting and
International Accounting Standard 34: Interim Financial Reporting.

Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed
by the Independent Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in
the Auditor’s Responsibilities for the Review of the Interim Financial Statements section of our report.
We are independent of the Group in accordance with the independence requirements of the Auditor-General’s
Auditing Standards, which incorporate the independence requirements of Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance
Standards Board.
Other than in our capacity as auditor, we have no relationship with, or interests, in the Group.

Directors’ responsibilities for the interim financial statements
The Directors are responsible, on behalf of the Group, for the preparation and fair presentation of these interim
financial statements in accordance with New Zealand Equivalent to International Accounting Standard 34: Interim
Financial Reporting and International Accounting Standard 34: Interim Financial Reporting and for such internal
control as the Directors determine is necessary to enable the preparation and fair presentation of the interim
financial statements that are free from material misstatement, whether due to fraud or error.
The Directors are also responsible for the publication of the interim financial statements, whether in printed or
electronic form.

Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE
2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that
the interim financial statements, taken as a whole, are not prepared, in all material respects, in accordance with
New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting and International
Accounting Standard 34: Interim Financial Reporting.

HALF YEAR REPORT 2022 / 23
A member firm of Ernst & Young Global Limited

A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. The procedures
performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance that
we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion on these interim financial statements.

Stuart Mutch
Partner
Ernst & Young
On behalf of the Auditor-General
Wellington, New Zealand
23 May 2022

24 / NAPIER PORT – TE HERENGA WAKA O AHURIRI
DIRECTORY
DIRECTORS
Alasdair MacLeod (Chair)
Stephen Moir
Diana Puketapu
John Harvey
Vincent Tremaine
Rick Barker
Blair O’Keeffe
SENIOR MANAGEMENT TEAM
Todd Dawson – Chief Executive
Kristen Lie – Chief Financial Officer
David Kriel – General Manager Commercial
Viv Bull – General Manager Culture and Community
Adam Harvey – General Manager Marine and Cargo
Andrea Manley – General Manager Strategy and Innovation
Kia Zia – General Manager Container Operations
Michel de Vos – General Manager Infrastructure Services
REGISTERED OFFICE
Breakwater Road
PO Box 947
Napier 4140
New Zealand
Phone: +64 6 833 4400
Fax: +64 6 833 4408
Email: info@napierport.co.nz
Facebook: Napier Port
LinkedIn: Napier Port
Website: napierport.co.nz
BANKERS
Westpac New Zealand Limited
16 Takutai Square
Auckland 1010
New Zealand
Industrial and Commercial Bank
of China (New Zealand) Limited
Level 11
188 Quay Street
Auckland Central 1010
New Zealand
Industrial and Commercial Bank
of China (Asia) Limited
26/F ICBC Tower
Garden Road
Central
Hong Kong
SOLICITORS
Bell Gully
171 Featherston Street
Wellington
New Zealand
AUDITORS
Ernst & Young
PO Box 490
Wellington 6140
On behalf of the Auditor-General
SHARE REGISTRY
For enquiries about share transactions, dividend payments,
or to change your address, please get in touch with:
Link Market Services Limited
PO Box 91976
Victoria Street West
Auckland 1142
Phone: +64 9 375 5998
Fax: +64 9 375 5990
Email: napierport@linkmarketservices.co.nz
Copies of the annual report are available at napierport.co.nz.
FINANCIAL CALENDAR
31 March 2022 Half-year balance date
24 May 2022 Interim results announced
23 June 2022 Interim dividend payment
30 September 2022 Financial year end
November 2022 Annual results announcement
15 December 2022* Final dividend payment
16 December 2022 Annual meeting
* Subject to board approval

HALF YEAR REPORT 2022 / 25

napierport.co.nz

Napier Port

Napier Port

---

Six Months to 31 March 2022
HALF YEAR RESULTS
INVESTOR PRESENTATION

2
IMPORTANT NOTICE AND DISCLAIMER
This presentation has been prepared by Napier Port Holdings Limited (together with Port of Napier Limited, "Napier
Port"). This presentation is being provided to you on the basis that you are, and you represent and warrant that you are,
a person to whom the provision of the information in this presentation is permitted by the applicable laws and regulations
of the jurisdiction in which you are situated without the need for registration, lodgement or approval of a formal disclosure
document or any other filing or formality in accordance with the laws of that foreign jurisdiction.
Information only; No reliance: This presentation is for information purposes only and you should not rely on this
presentation. This presentation does not purport to contain all of the information that you may require or be complete.
The historical information in this presentation is, or is based upon, information that has been released to NZX Limited
("NZX"). This presentation should be read in conjunction with Napier Port's other periodic and continuous disclosure
announcements, which are available at www.nzx.com.
The information in this presentation does not constitute a personal recommendation or service or take into account the
particular needs of any recipient. The information in this presentation should be considered in the context of the
circumstances prevailing at the date and time of the presentation and is subject to change without notice. No person is
under any obligation to update this presentation nor to provide you with further information about Napier Port. This
presentation does not constitute or form part of an offer to sell, or a solicitation of an offer to buy, any shares, securities
or financial products in any jurisdiction. This presentation has not been and will not be filed with or approved by any
regulatory authority in New Zealand or any other jurisdiction.
Investment risk: An investment in securities in Napier Port is subject to investment and other known and unknown risks,
some of which are beyond the control of Napier Port. Napier Port does not guarantee any particular rate of return or the
performance of Napier Port.
No liability: Napier Port, its shareholders, their respective advisers and affiliates, and each of their respective directors,
shareholders, partners, officers, employees and representatives accept no responsibility or liability for, and make no
representation, warranty or undertaking, express or implied, as to, the fairness, accuracy, reliability or completeness of,
and to the maximum extent permitted by law hereby disclaim and shall have no liability whatsoever (including, without
limitation, arising from fault or negligence or otherwise) for any loss or liability arising from, this presentation or any
information contained, referred to or reflected in it or supplied or communicated orally or in writing to you or any other
person. The information in this presentation has not been independently verified or audited.
Financial data: All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated. Any financial
information provided in this presentation is for illustrative purposes only and is not represented as being indicative of
Napier Port's views on its future financial condition and/or performance.
Investors should be aware that certain financial data included in this presentation are 'non-GAAP financial measures'.
Investors are cautioned not to place undue reliance on any non-GAAP financial measures included in this presentation,
they do not have a standardised meaning prescribed by New Zealand Generally Accepted Accounting Standards and,
therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed
as an alternative to other financial measures determined in accordance with New Zealand Generally Accepted
Accounting Standards.
Past performance: Any past performance information given in this presentation is given for illustrative purposes only
and should not be relied upon as (and is not), a promise, representation, warranty or guarantee as to the past, present
or the future performance of Napier Port.
Future performance: This presentation contains "forward-looking statements", which include all statements other than
statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the
words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar
expressions or the negative thereof. Indications of, and guidance or outlook on, future earnings or financial position or
performance are also forward-looking statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the control of Napier Port that could cause the actual results,
performance or achievements of Napier Port to be materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. No assurances can be given that the forward-looking
statements referred to in this presentation will be realised. Given these uncertainties, you are cautioned not to rely on
such forward-looking statements.
Confidentiality and copyright: This presentation is strictly confidential and is intended for the exclusive benefit of the
person to which it is presented. This presentation should not be copied, reproduced or redistributed without the prior
written consent of Napier Port. Distribution of this presentation may be restricted or prohibited by law. The copyright of
this presentation and the information contained in it is vested in Napier Port.
Acceptance: For purposes of this Notice, "presentation" shall mean the slides, the oral presentation of the slides by
Napier Port, any question-and-answer session that follows that oral presentation, hard copies of this document and any
materials distributed at, or in connection with, that presentation. By attending an investor or analyst presentation or
briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this
Notice.

3
PRESENTING TODAY
TODD DAWSON
CHIEF EXECUTIVE
KRISTEN LIE
CHIEF FINANCIAL OFFICER
ALASDAIR MACLEOD
CHAIR

4
WELCOME & INTRODUCTION
Challenging operatingand shipping conditions for regional exporters and importers
Confidence retained in a more challenging macro-economic environment
Excellent progress on strategic initiatives including 6 Wharf, logistics services and health and safety critical risk programmes
Trade environment for key cargoes remains positive
Trade volumes and results reduced on disruptions
FY2022 HALF YEAR

HIGHLIGHTS

6
CHALLENGES AND HIGHLIGHTS
Operational resilience and service delivery sustained in the face of significant challenges
Shipping disruption continues, however first half volume supply constraints easing
Volumes impacted by ongoing supply chain disruption, labour shortages, Omicron and extreme seasonal weather conditions
Strategic initiatives –underpinning revenue streams and future growth opportunities
FY2022 HALF YEAR

7
STRATEGIC PROJECTS UPDATE
DRIVING GROWTH AND RESILIENCE
350m 6 WHARF-A PLATFORM FOR GROWTH
•Significant construction progress
•Commissioning phase andoperational integration
•Official opening ceremony 22 July 2022
•Sustainability an overriding consideration
PROJECT SPEND FORECAST
•No change since last total cost forecast reduction
to$173m -$179m¹
•$25.6m incurred in HY2022 ($157.5mtotal)¹
1-Accruals basis excluding capitalised overheads and finance costs

8
STRATEGIC PROJECTS UPDATE
DRIVING GROWTH AND RESILIENCE
STRATEGIC PROJECTS
•Health and Safety focusing oncritical risk management
•MoorMaster™and ShoreTension
®
Dynamic Mooring
•Focus oncreating value for customers: increasing
revenue & returns
•Site-to-sea logistics capability central and lower North
Island steadily growing 12 months after
implementation
•Log debarker–operational + methyl bromide
treatment ceased on port
•Log loading trial with mobile harbour cranes –
operational second halfFY2022

9
CONTAINER SHIPPING LEADS TRADE RESULT LOWER
VolumeHY2022HY2021
Variance
kT/ TEU%
Total cargo (kT)2,5132,786-273-9.8
Containerised cargo (TEU)113,000135,000-22,000-16.6
Bulk cargo (kT)
-Logs exports (kT)
1,707
1,316
1,870
1,428
-163
-112
-8.7
-7.9
TRADE OVERVIEW FY2022 HALF YEAR

10
STRONG ARPU
2
GROWTH HELPS MITIGATE VOLUME & INFLATION IMPACTS
•Reduced revenue and profit on total cargo tonnes fall of 9.8%
•Half year on half year volume variance of -$6.9m
•A strong focus on yield plus strategic pricing adjustments has partiallymitigated volume reductions and is offsetting
higher inflationary input costs
•Robust operating cash flow despite reduced operating result
HY2022
$M
HY2021
$M
Variance
$M%
Revenue50.752.6-1.9-3.6
Resultfrom operating activities16.421.3-4.9-22.8
Netprofit after tax -underlying¹7.210.6-3.4-32.1
Cashflow from operations
13.014.6-1.6-11.0
FINANCIAL RESULTS OVERVIEW FY2022 HALF YEAR
1-Refer to appendices for reconciliations of underlying metrics
2-Average Revenue per Unit

FINANCIAL & OPERATING
PERFORMANCE

12
REVENUE LOWER ON TRADE VOLUME
•3.6% decrease to $50.7m in total revenue half year-on-half year (HoH)
•Trade volumes down 8.7% for bulk cargo and16.6% for container services
•Decrease in trade volumes largely mitigated by higher average revenue per unit
1
(ARPU)
HY2022 REVENUE COMPOSITION
Millions
1-Average Revenue per Unit (Container Services –per TEU, Bulk Cargo –per Tonne)
HY2022 REVENUE PROGRESSION
Container
services
$30.2m
Bulk cargo
$19.2m
Other
$1.4m

13
$8.00
$8.50
$9.00
$9.50
$10.00
$10.50
$11.00
$11.50
$12.00
$-
$5
$10
$15
$20
$25
HY2020HY2021HY2022
Average revenue per tonne
Revenue (LHS)Average revenue per tonne (RHS)
BULK CARGO –LOWER VOLUME WITH UNDERLYINGARPU GROWTH
•Bulk revenue decreased $1m (5.1%) HoHto $19.2m
•Volume decreased 0.16 million tonnes (-8.7%) to1.71 million tonnes HoH
•Bulk cargo average revenue per tonne increased 4.0% to $11.23/T from $10.80/T HoH
•New infrastructure levy on bulk volume of $0.40/T/JAS
•Prior half year period included one-off cost recovery revenue of $0.45/T
•Underlying ARPU, excluding the PY one-off, increased 8.5% HoH
•Initial minor contribution from debarking operation
HY2022 REVENUE COMPOSITION (VERSUS HY2021)
Millions
BULK CARGO REVENUE AND ARPU
Container services
59.5%
(+0.4%)
Bulk cargo
37.8%
(-0.6%)
Other
2.7%
(+0.2%)

14
LOG VOLUME RESILIENT GIVEN INDUSTRY HEADWINDS
•Log export volume decreased 0.11 million tonnes (-7.9%) HoH
•Softer macro conditions and ongoing supply chain disruptions in China
•Prices remain relatively robust but offset by high shipping costs
•New Zealand supply slow down over holiday period and Covid labour impact and weather in Q2
HY2022 ALL CARGO EXPORTS (WEIGHT)
Millions (tonnes)
LOG EXPORT VOLUME
Logs
65%
Woodpulp
11%
Apples & pears
2%
Timber
5%
Meat
5%
Fresh produce
3%
Other
10%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
FY2020FY2021HY2022
Q1Q2Q3Q4

15
$200
$210
$220
$230
$240
$250
$260
$270
$280
$290
$300
$-
$5
$10
$15
$20
$25
$30
$35
HY2020HY2021HY2022
Average revenue per TEU
Revenue (LHS)Average revenue per TEU (RHS)
CONTAINER SERVICES REVENUE SUPPORTED BY INCREASED ARPU
•Container Services revenue decreased 2.9% HoH
•Total volume decreased 22,000 TEU (-16.6%) HoH
•Full containers down 9,000 TEU, empties down 8,000 TEU, and tranships and DLRs down 5,000 TEU
•Average revenue per TEU increased 16.4% to $268 per TEU from $230 per TEU HoH
•Infrastructure levy increase, tariffs, containers services, and container mix positive
HY2022 TEUs (VERSUS HY2021)
Millions
CONTAINER SERVICES REVENUE AND ARPU
Reefers
20k
(-19.3%)
Dry
46k
(-8.2%)
Empty
42k
(-16.4%)
Other
6k
(-48.6%)

16
INCREASED IMPACT OF CONTAINER SHIPPING DISRUPTION
•Container vessel calls reduced by 31 to 102 HoH
•Continued omissions, blanked sailings, and off-schedule calls
•Weather events in Q2
•Introduction of ZIM trans-Tasman and withdrawal of Maersk OC1 Trident service
•Impact:
•Increasing average container exchanges per vessel
•Continued terminal rehandlingto manage shipping changes
•Continued shortages of container equipment and cargo competing for shipping capacity
CONTAINER VESSEL CALLS AND AVERAGE TEU PER VESSEL
Container vessel calls
14710131619222528313437404346495225811141720232629323538414447505336912151821242730333639424548512581114
2019202020212022
Arrival Time of Week
Week of Financial Year
SHIPPING SCHEDULE PERFORMANCE BY SERVICE
-
200
400
600
800
1,000
1,200
0
20
40
60
80
100
120
140
160
HY2020HY2021HY2022
Average TEU per vessel
Container vessel calls (LHS)TEU per vessel (RHS)
Key: Each colour denotes a shipping service

17
16.6
17.5
18.9
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
$-
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
HY2020HY2021HY2022
Percentage of revenue
Employee Benefit Expenses (LHS)Percentage of Revenue (RHS)
HIGHER OPEX INPUT COSTS
•Overall opexincreased by $3m HoH
•High inflationary environment
•Ongoing focus on controllable spend, cost recovery andrevenue growth from strategic projects
•Employee benefit expenses increased $1.4m (8.1%) HoH
•Additional personnel supporting strategic investments plus container terminal operations
•Property and plant expenses up $1.4m (27.7%) HoHdue to higher costs for mobile plant maintenance & fuel and power
•Fuel & power increase $0.7m;+$1m rate and -$0.3m volume
•Fuel cost recovery (FAF)implemented from 1 May
OTHER OPEX HY2022EMPLOYEE BENEFIT EXPENSES
Millions
Plant expenses
$3.1m
Site expenses
$0.8m
Fuel & power
$2.6m
Occupancy expenses
$3.3m
Administration
expenses
$2.7m
Contract labour
$2.0m
Other staff expenses
$0.9m

18
LOWER OPERATING RESULT DRIVEN BY LOWER TRADE VOLUME
•Result from operating activities down $4.9m (22.8%)
•Net reduction of $6.4m attributed to lower trade volumes (revenue less pure variable expenses
1
)
•ARPU growth matching operating expense growth
Millions
RESULT FROM OPERATING ACTIVITES
1-Fuel plus contract labour

19
NET PROFIT LOWER WITH OPERATING RESULT
•Underlying NPAT¹decreased by $3.4m (32.1%)
•Post 6 Wharf completion –approx. $3m additional annual depreciation
2
1-Refer to appendices for reconciliations of underlying metrics
2-6 Wharf depreciation estimate to be confirmed & subject to change
NET PROFIT AFTER TAX
Millions
12.4
10.6
9.0
11.1
10.6
7.2
$-
$5.0
$10.0
$15.0
HY2020HY2021HY2022
Reported NPATUnderlying NPAT

20
CAPITAL EXPENDITURE –COMPLETING 6 WHARF
•Capital expenditure of $34.6m
1
•6 Wharf construction $27.7m
2
, cumulative total $161.9m
•$2.9m spend on other development capex in support of strategic initiatives and revenue growth
•Further paving for log storage, log debarker, deposits for ShoreTension
®
dynamic mooring units and log grabs for
mobile harbour cranes
•Inflationary environment and currency depreciation increase capital costs
1-Includes accounting accruals including capitalised overhead and finance costs. HY2022 cash spend $43.7m
2-Includes accounting accrualsincluding capitalised overhead and finance costs. HY2022 cash spend $36.9m ($157.3m cumulative total)
HY2022 CAPITAL EXPENDITURE
Millions
CAPITAL EXPENDITURE
53.1
110.4
34.6
$-
$20
$40
$60
$80
$100
$120
FY2020FY2021HY2022
Development - 6 WharfDevelopment - OtherReplacementOther
6 Wharf
$27.7m
Other development
$2.9m
Replacement
$4.0m

21
CASH FLOW & LIQUIDITY
•Robust operating cash flow despite reduced operating result
•FY2021 final dividend of $9.4m (4.7 cps) paid December 2021
•Drawn bank debt of $120m at end of period, of $180m total
-66% expires Q4 FY2024
-33% expires Q4 FY2023
HY2022
$M
HY2021
$M
Var
$M
Operating cashflows13.014.6-1.6
Investing cash flows(43.7)(45.7)+2.0
Dividends(9.4)(10.0)+0.6
Other financing cash flows(0.1)(0.1)-
Increase / (reduction) in cash and cash equivalents1.8(5.2)
Increase in bank debt(42.0)(36.0)

22
CAPITAL MANAGEMENT
•Target ratio of Net Debt to EBITDA ceiling of
3.5x through the 6 Wharf construction period, with the
expectation that the ratio will be managed to within its
long-term target range of 2.0x -3.0x over time,
following completion of 6 Wharf
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
-
20,000
40,000
60,000
80,000
100,000
120,000
Pay fixed weighted base rate
(i.e. excl. margin & costs)
Hedged notional
Interest Rate Hedging Profile

CONCLUSION
& OUTLOOK

24
CONCLUSION
Results reflect the challenges during the period
Immediate challenges managed while remaining future
focused
Strategic initiatives driving growth and resilience
KEEPING OUR REGION CONNECTED
Alignment with freight and supply chain strategy review
6 Wharf case study for port infrastructure investment

25
CURRENT OUTLOOK
Positive trade outlook for key cargoes and easing of first half challenges that delayed product getting to port
Continuation of container-based supply chain and shipping disruptions expected
Delivering strategic capital projects including the official opening of 6 Wharf during July
LOOKING FORWARD TO FY2022 SECOND HALF
Reaffirm guidance of FY2022 underlying result from operating activities of between $38m and $42m
Return of cruisein FY2023: marine border reopening from 31 July –over 90 bookings, though cancellations likely
Higher cost and increasinginflationary environment
A further update will be provided withthird quarter results in August

26
HY2022 INTERIM DIVIDEND
Interim dividend of 2.8 cps declared
Fully imputed
Payment date: 23 June 2022
Record date: 10 June 2022
Unchanged from June 2021 interim dividend

QUESTIONS

28
APPENDICES
The following appended financial information provides a summary of financial information for the
half year period ended 31 March 2022 (HY2022) compared to the corresponding half year period in
2021 (HY2021).
Reconciliations provided are extracted from and should be read in conjunction with the Supplemental
Selected Financial Information document released with NPH’s 2022 Half Year Report on the NZX
announcements platform and the Napier Port website Investor Centre.

29
REVENUE
NZ$000
HY2022
HY2021
Container services
30,157

31,065

Bulk cargo
19,169

20,192

Cruise
12

-

Sundry revenue
149

148

Revenue from port operations
49,487

51,405

Revenue from property operations
1,225

1,180

Total operating income
50,712

52,585

30
OPERATING EXPENSES
Employee benefit expenses
NZ$000
HY2022
HY2021
Wages & salaries
17,481

16,093

Other employee benefit expenses
1,387

1,362

Total employee benefit expenses
18,868

17,455

Property and plant expenses
NZ$000
HY2022
HY2021
Plant expenses
3,100

2,510

Site expenses
814

664

Fuel & power
2,586

1,917

Total property and plant expenses
6,501

5,091

31
OPERATING EXPENSES
Other operating expenses
NZ$000
HY2022
HY2021
Administration expenses
2,680

2,824

Occupancy expenses
3,262

3,016

Contract labour
2,012

2,301

Other staff expenses
949

605

Total other operating expenses
8,903

8,746

32
CAPITAL EXPENDITURE
NZ$000
HY2022
HY2021
Development capex
6 Wharf construction
27,728

45,129

Refrigerated container capacity
-

1,075

Other development capex
2,868

346

Total development capex
30,596

46,549

Replacement capex
3,774

2,807

Compliance and other capex
271

-

Total capex including capitalised finance costs
34,641

49,357

Movement in fixed asset creditors
9,033

(3,597)

Capex per cash flow
43,673

45,759

33
RECONCILIATION OF UNDERLYING NET PROFIT AFTER TAX¹
1-Underlying net profit after tax is a non-NZ GAAP measure –refer to the Supplemental Selected Financial Information released with NPH’s 2022 Half Year Report on the NZX announcements
platform for further information related to this measure
NZ$000
HY2022
HY2021
Reported net profit after tax
8,984
10,574
Adjustments:
Fair value movements on investment properties
(1,800)
-
Underlying net profit after tax
7,184
10,574

34
•The Board is targeting paying total dividends within a range of 70% to 90% of Free Cash Flow
1
•Free Cash Flow
1
is a non-NZ GAAP measure adopted by Napier Port. It excludes capital expenditure on
development projects (including 6 Wharf) and the interest costs which will be capitalised during
construction
•The payment of dividends is not guaranteed and will be at the discretion of the Board and depend on a
number of factors. These factors include the general business environment, operating results (including
our ability to grow Free Cash Flow
1
)and financial condition of Napier Port, future funding requirements,
any contractual, legal or regulatory restrictions on the payment of dividends by Napier Port and any other
factors the Board may consider relevant. In declaring dividends, Napier Port must comply with the
solvency test under the Companies Act and the covenants in its banking facilities
•Dividend payments are expected to be split into an interim dividend paid in June, targeting 40%
of the total expected dividend for the financial year, and a final dividend paid in December. Napier Port
intends to impute dividends to the maximum extent possible
1-Non-NZ GAAP measure, being NPAT, adjusted for the post-tax impact of fair value revaluations of derivatives and investment properties, plus depreciation, amortisation and impairment, less the average replacement
capital expenditure of maintaining Napier Port's asset base. Average replacement capital expenditure is based on an assessment of the long term average cost of maintaining assets for Napier Port in real terms.
DIVIDEND POLICY

35
EXPERIENCED MANAGEMENT TEAM THAT IS WELL CONNECTED WITH CARGO OWNERS AND OTHER STAKEHOLDERS
Extensive commercial and infrastructure expertise and broad depth of senior leadership experience in New Zealand and overseas, and management enjoys strong relationships
with key stakeholders and the local community
STRONG HISTORICAL FINANCIAL PERFORMANCE AND A RECORD OF EXECUTION ON GROWTH OPPORTUNITIES
Napier Port delivered annual average revenue growth of 8.5% over the last five years (2016 -2021), while consistently delivering EBITDA margins of above 40%
STRONG REGIONAL ECONOMIC GROWTH DRIVERS AND STRONG KEY CUSTOMER RELATIONSHIPS
The Hawke’s Bay region has experienced strong growth, supported by international demand for its diverse range of export cargo.
Strong key customer relationships see the Port embedded as an essential supply chain partner
DIVERSIFIED TRADE PORTFOLIO MITIGATES SECTOR AND COUNTRY-SPECIFIC RISKS
The Port handles a diversified mix of export and import products including logs and forestry products, pipfruit, oil productsand fertiliser, which are shipped to or from over
110 countries globally
AN INFRASTRUCTURE ASSET ESSENTIAL TO THE HEALTH OF THE HAWKE’S BAY ECONOMY
Napier Port is an essential regional infrastructure asset and, by connecting Hawke’s Bay and central New Zealand to global markets, is an active participant in driving regional prosperity
A LONG TERM ASSET ESSENTIAL TO THE HEALTH OF THE HAWKE’S BAY ECONOMY
OUR STRATEGY BUILDS ON A STRONG BUSINESS
WELL-POSITIONED GIVEN FUTURE CARGO VISIBILITY AND FULLY-CONSENTED DEVELOPMENT PLANS
Future cargo visibility enables robust planning for strategic growth projects. Development of 6 Wharf is expected to significantly increase the Port’s capacity and improve
operational efficiency
RELEVANCE
DURING
COVID-19

36
FURTHER INFORMATION ON NAPIER PORT
To learn more about Napier Port and what it does please refer to ourwebsite at www.napierport.co.nz
See our website Investor Centre for:
•Share price information
•Links to NZX results and market announcements
•Key calendar dates
•Publications, including:
-Annual Reports
-Sustainability Strategy and Action Plan
-Climate Change Related Disclosure (TCFD)Report
-Investment Key Facts
-Investing in Napier Port
-Investor Day 2021 Presentations
-Log Supply Chain Case Study
•Key policies and governance documents

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)

Results for announcement to the market
Name of issuer Napier Port Holdings Limited
Reporting Period 6 months to 31 March 2022
Previous Reporting Period 6 months to 31 March 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$50,712 -3.6%
Total Revenue $50,712 -3.6%
Net profit/(loss) from
continuing operations
$8,984 -15.0%
Total net profit/(loss) $8,984 -15.0%
Interim Dividend
Amount per Quoted Equity
Security
$ 0.02800000
Imputed amount per Quoted
Equity Security
$0.01088889
Record Date 10 June 2022
Dividend Payment Date 23 June 2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.92 $1.73
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to accompanying 2022 Half Year Report for further
information.
Authority for this announcement
Name of person

authorised
to make this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Jo-Ann Young, Communications Manager
Contact phone number DD: 06 833 4521
Contact email address jo-anny@napierport.co.nz
Date of release through MAP

24 May 2022

Unaudited consolidated financial statements accompany this announcement.

---

Distribution Notice

Section 1: Issuer information
Name of issuer Napier Port Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code NPH
ISIN (If unknown, check on NZX
website)
NZNPHE000552
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 10/06/2022
Ex-Date (one business day before the
Record Date)
09/06/2022
Payment date (and allotment date for
DRP)
23/06/2022

Total monies associated with the
distribution
$5,600,000
(200,000,000 ordinary shares @ 2.8 cents per share)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.03888889
Total cash distribution $0.02800000
Excluded amount N/A – not a listed PIE
Supplementary distribution amount $0.00494100
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.01088889
Resident Withholding Tax per
financial product
$0.00194444

Section 4: Distribution re-investment plan – Not Applicable
DRP % discount (if any)

Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Jo-Ann Young, Communications Manager
Contact phone number DD: 06 833 4521
Contact email address jo-anny@napierport.co.nz
Date of release through MAP

24 May 2022

---

Napier Port Holdings Limited
2022 Half Year Trade Volume Data
The below trade volume data provides a summary of second quarter (Q2 FY2022) and half
year ended 31 March 2022 (HY2022) results compared to the prior periods.

1.1 Container Services
Container Services
TEU (000s)^
Q2
FY2022
Actual
Q2
FY2021
Actual
HY2022
Actual
HY2021
Actual
Exports

Wood pulp & timber 11 13 22 25

Canned food / other food & beverage 2 2 3 4

Other dry 2 3 5 6

Total dry 14 17 31 35

Apples & pears 3 5 3 5

Meat 4 5 8 10

Fresh & other chilled produce 5 6 7 7

Total reefer 12 16 18 22

Empty 2 1 5 2

Total exports 28 34 53 59

Imports

Dry 7 7 15 15

Reefer 1 1 2 2

Empty 21 30 37 48

Total imports 28 38 54 65

Other container movements (‘DLRs
and Tranships’)
3 6 6 11

Total Container Services volume 60 78 113 135

Vessels

Container ship calls 49 68 102 133

^Rounded to nearest thousand TEU

1.2 Bulk Cargo
Bulk Cargo
Kilotonnes
Q2
FY2022
Actual
Q2
FY2021
Actual
HY2022
Actual
HY2021
Actual

Log exports 581 731 1,316 1,428

Other exports 26 45 81 98

Imports 117 144 311 344

Total Bulk Cargo volume 724 920 1,707 1,870

Vessels

Charter vessel calls 68 85 155 167

1.3 Cruise Services
Cruise Services

Q2
FY2022
Actual
Q2
FY2021
Actual
HY2022
Actual
HY2021
Actual
Vessels

Cruise vessel calls 1 - 1 -

---

Napier Port Holdings Limited
Supplemental Selected Financial Information (unaudited)
The below supplemental selected financial information provides a summary of financial information for
the half year period ended 31 March 2022 (HY2022) compared to the corresponding half year period
in 2021 (HY2021).
Except where information is denoted as being extracted directly from audited financial statements, the
supplemental selected financial information is unaudited.
Selected financial information
1

Notes:
1.
The selected financial information (excluding any financial information in the selected financial information table that is identified as
being underlying financial information) is extracted from unaudited financial statements of Napier Port Holdings Limited (‘Napier
Port’) for HY2022. Some line items in the selected financial information include adjustments applied by Napier Port (denoted
‘underlying’). An explanation of these adjustments is contained in section 1.1 below.
2.
Revenue relates to operating income as disclosed in the financial statements for Napier Port.
3.
Result from operating activities is a non-NZ GAAP measure and is as disclosed in the financial statements for Napier Port. The
measure is calculated as operating income less operating expenses. The measure excludes income and expenses related to interest,
taxes, depreciation, amortisation, impairment, and retirement of operating and other assets, income and expenses arising from fair
value changes, non-recurring and abnormal, and joint-venture and other investment activity.
4.
Underlying net profit after tax is a non-NZ GAAP measure that comprises reported net profit after tax adjusted for certain non-
recurring and unrealised fair value movements as described in section 1.1 below. A reconciliation to reported net profit after tax is
included in section 1.2 below.

NZ$000
HY2022
HY2021
Financial period
6 months
ending
31 Mar 22
6 months
ending
31 Mar 21
Financial performance:
Revenue
(2)
50,712
52,585
Result from operating activities
(3)
16,441
21,293
Net profit after tax
8,984
10,574
Underlying net profit after tax
(4)
7,184
10,574
Balance sheet and cash flow items:
Dividends paid
9,400
10,000
Total assets
543,120
424,968
Cash and cash equivalents
3,111
2,659
Total liabilities
157,884
78,309
Total debt
118,301
34,741
Net cash flows from operating activities
12,956
14,563

1.1 Description of adjustments
In determining the use of adjustments, the Directors have considered only those items that they
believe are required to ensure consistency and comparability of the financial information over the
periods presented.
The adjustment that Napier Port considers appropriate is the removal of unrealised fair value
movements on investment properties as these are non-core activity.

1.2 Reconciliation of underlying net profit after tax
NZ$000
HY2022 HY2021
Reported net profit after tax 8,984 10,574

Adjustments:
Fair value movements on investment properties (1,800) -
Underlying net profit after tax 7,184 10,574

2022 Interim Results Announcement Date Senior Manager Changes

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.

Other issuers discussed similar conditions around this time

Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.

PFI — Property for Industry Limited: PFI Announces Stable Interim Results
2022-08-21
“PFI | Property for Industry Limited | 2022-08-21 | HALFYR | PFI Announces Stable Interim Results…”
AIR — Air New Zealand: Air New Zealand 2022 Interim Results
2022-02-23
“AIR | Air New Zealand | 2022-02-23 | HALFYR | Air New Zealand 2022 Interim Results…”
SML — Synlait Milk Limited: Synlait Publishes Half Year Result
2022-03-31
“H1 18H1 19H1 20H1 21H2 18H2 19H2 20H2 21H1 22 H1 18H1 19H1 20H1 21H2 18H2 19H2 20H2 21H1 22 H1 18H1 19H1 20H1 21H2 18H2 19H2 20H2 21H1 22 H1 18H1 19H1 20H1 21H2 18H2 19H2 20H2 21H1 22 KEY FINANCIAL METRICS Gross profit per MT ($)* EBIT per MT ($) Return on capital employed (12 m…”